CHARTER   OF 


The  Marine  C 


OIF 


KCAM/EI)    AS 


.A.  IR,  C  H     14,     1836; 


AND    KKORGANI/KD    A 


•The  Murine  Eompapy  of  f)hi<eago5 

APRIL  2,  ,M?, 

'"M  >KK   AC:  !  RY  21,    l86l. 

CAPITAL  STOCK,  $1,000,000. 


CHIC  A  GO . 


1874. 


1861. 


An  Act  to  Incorporate  the  Chicago 
Jtfarine  and  Fire  Insurance 
Company. 

SEC.  i.  Beit  enacted  by  the  People  of  the 
State  of  Illinois,  represe7ited  in  the  General 
Assembly,  That  there  shall  be  established  in  changjdto 

MarineCom- 

the  town  of  Chicago,  an  insurance  company,  J^  by^r- 
to  be   called   the    "  Chicago   Marine   &   Fire 
Insurance  Company." 

SEC.  2.  All  such  persons  as  shall  hereaf- 
ter be  stockholders  of  said  Company,  shall  be, 
and  they  are  hereby  declared  to  be,  a  body  cor- 
porate and  politic,  by  the  name  and  style  of  the 
Chicago  Marine  and  Fire  Insurance  Company, 
and  to  continue  for  thirty  years  from  and  after 
the  passage  of  this  act,  and  by  that  name  and  Act  of  1861. 
style  shall  be  competent  to  contract  and  be 
contracted  with,  and  be  capable  in  law  and 
equity  to  sue  and  be  sued,  to  plead  and  be 


'   HAS 


impleaded,  answer  and  he  answered  unto, 
defend  and  be  defended,  in  all  courts  and 
places  and  in  all  matters  whatsoever. 

SEC.  3.  The  said  corporation  may  have 
and  use  a  common  seal,  which  they  may  alter, 
change  or  break  at  pleasure,  and  mar  also 
make  and  establish,  and  put  in  execution  such 
by-laws,  ordinances  and  regulations  as  shall, 
in  their  opinion,  be  necessary  for  the  good 
government  of  said  corporation,  and  the  pru- 
dent and  efficient  management  of  its  affairs  ; 
no  by-laws,  ordinances  and  regulations  of  the 
same  shall  be  in  anywise  contrary  to  the  con- 
stitution and  laws  of  this  State  or  of  the 
United  States. 

The  capital  stock  of  said  Company 
shall  be  one  hundred  thousand  dollars,  to  be 
divided  into  shares  of  fifty  dollars  each,  to  be 
paid  in  such  installments  as  the  Directors 
chosen  under  this  act.  may  from  time  to  time 

direct,  under  such  penalties  as  the  President 
1861. 

and    Directors   may   in   their  discretion,  ap- 

7'  point  and  order.     The  said  capital  stock  may 


MAklNK  COMPANY  Ol-    CHICAGO.  3 

hereafter  be  increased  to  an  amount  not  ex- 
ceeding five  hundred  thousand  dollars,  in  the 
discretion  of  a  majority  of  the  Directors  of 
said  incorporation,  to  be  subscribed  for  and 
taken  under  the  direction  and  superintendence 
of  the  President  and  Directors  aforesaid,  or  a 
majority  of  the  said  Directors,  by  any  person 
whomsoever,  in  the  same  manner  as  is  pro- 
vided for  the  subscription  to  the  original 
capital  stock.  The  stock  of  said  corporation 
shall  be  assignable  and  transferable  accord- 
ing to  such  rules  as  shall  be  adopted,  in  that 
behalf,  by  the  by-laws  and  ordinances  thereof. 

SEC.  5.  The  corporation  hereby  created 
shall  have  power  and  authority  to  make  ma- 
rine insurance  upon  vessels,  goods  and  mer- 
chandise, freight-moneys,  bottomry,  respon- 
dentia,  interest,  and  all  marine  risks,  and 
inland  navigation  and  transportation,  and 
against  all  losses  by  fire,  of  any  buildings  or 
houses  whatsoever,  and  vessels  on  the  stocks ; 
(and  also  to  receive  moneys  on  deposit,  and 

See  Act  of 

to  loan  the  same  on  bottomry  and  responden-      1861. 
tia,  or  otherwise,  at   such  rates  of  interest  as 


i    HARM   K 


in. iv  now  be  done  by  the  existing  l;uvs  of  this 
State)  ;  and  they  may  aNo  cause  themselves 
to  be  re-insured  against  any  maritime  risks 
upon  which  they  have  made  insurance,  and 
upon  the  interest  which  they  may  have  in  any 
jls,  goods  or  merchandise,  or  houses,  in 
virtue  of  any  such  loans,  whether  on  bottomry 
and  respondentia,  or  otherwise,  on  such  terms 
and  conditions  as  may  be  agreed  upon  by 
the  parties,  and  to  fix  the  premiums  and  terms 
of  payment. 

SEC.  6.  All  policies  of  insurance  by  them 
made  shall  be  subscribed  by  the  President,  or, 
in  case  of  his  death  or  absence,  by  the  Vice- 
i 'resident,  and  countersigned  and  sealed  by 

1861. 

the  Secretary  of  said  Company;  and  all  losses 
arising  under  any  policy,  so   subscribed  and 
d,   may    be   adjusted    and    settled    by  the 
ident  and  Hoard  of  Directors. 

;id  corporation  shall  not 
take  any  risk,  nor  subscribe  any  policy,  by 
virtue  of  this  act,  until  one-fourth  part  of  the 
capital  stock  thereof  shall  have  been  actually 
paid  in. 


MARINE  COMPANY   <>l     i    UK  AGO.  5 

SEC.  8.  The  said  Company  shall  not,  directly 
or  indirectly,  deal  or  trade  in  buying  or  sell- 
ing any  goods,  wares  or  merchandise  what- 
ever ;  but  the  President  and  Directors  may, 
at  their  option,  vest  the  capital  stock  of  said 
corporation  in  the  capital  stock  of  any  incor- 

See  Act  of 

porated  bank,  trust  company,  or  public  funds  l86z- 
of  the  United  States,  or  any  State  in  the 
the  Union.  They  shall  have  power  also  to 
loan  to  any  citizen  of  this  State  any  portion 
of  their  capital  stock,  not  exceeding  ten  thou- 
sand dollars  to  one  individual,  on  bottomry, 
bond,  mortgage  of  real  estate,  or  other  satis- 
factory security,  at  their  discretion. 

SEC.  9.  The  said  corporation  may  pur- 
chase and  hold  such  real  estate  as  may  be 
deemed  necessary  for  the  transaction  of  its 
business,  and  to  an  amount  at  any  one  time 
not  exceeding  twenty  thousand  dollars,  and 
to  take  and  hold  any  real  estate,  as  securities, 
mortgaged  or  pledged  to  the  said  corporation, 
to  secure  the  payment  of  any  debt  due,  or 
that  may  become  due  to  it,  and  also  to  pur- 
chase on  sale  made  by  virtue  of  any  judg- 


ment  at  law,  or  any  decree  of  a  court  of 
equity,  or  otherwise,  to  take  and  receive  any 
real  estate  in  payment,  or  towards  satisfaction 
of  any  debt  previously  contracted,  or  due  to 
said  corporation,  and  to  hold  the  same  until 
they  can  conveniently  and  advantageously 
sell  and  convert  the  same  into  money,  or 
other  personal  property,  and  to  sell  and  con- 
vey said  real  estate,  or  any  part  thereof. 

10.  Peter  Pruyne,  James  Grant, 
James  Whitlock,  George  W.  Dole,  and  Francis 
Sherman,  are  hereby  appointed  Commission- 
ers for  superintending  subscriptions  to  said 
capital  stock  ;  and  the  said  Commissioners, 
or  a  majority  of  them,  shall  open  one  or 
more  subscription  books  for  said  stock,  on  the 
<1  Monday  of  March,  in  the  year  of  our 
Lord  one  thousand  eight  hundred  and  thirty- 
six,  in  the  town  of  Chicago,  and  the  sum  of 
two  dollars  on  each  share  subscribed  for.  shall 
•id  to  said  Commissioners  at  the  time  of 
making  such  subscriptions.  The  books  may 
be  closed  whenever  the  whole  of  said  stock 
ibed  :  and  whenever  a  Board  of 


MARINE  COMPANY  OF  CHICAGO.  7 

Directors  shall  be  duly  elected,  the  said  Com- 
missioners shall  deliver  over  to  the  said 
Board  of  Directors  said  books,  and  shall  pay 
over  to  said  Board  the  whole  amount  of 
money  by  them  respectively,  or  jointly 
received,  except  so  much  as  shall  be  retained 
for  the  expenses  incurred  by  them  in  execu- 
ting the  duties  imposed  on  them  by  this  act ; 
Provided,  however,  that  if  the  books  for  the 
subscription  of  stock  shall  not  be  opened  at 
the  time  herein  required,  the  said  Commis- 
sioners may  open  the  books  at  any  time  there- 
after, upon  giving  twenty  days'  notice  in  all 
the  newspapers  printed  in  Chicago,  of  the 
time  and  place  of  opening  the  same. 

SEC.  ii.  In  case  of  the  death,  resignation 
or  absence  of  any  of  the  Commissioners 
named  in  this  act  of  incorporation,  it  shall 
and  may  be  lawful  for  any  three  of  them  to 
form  a  quorum,  and  proceed  to  business, 
whose  duties  shall  be  the  same  in  the  prem- 
ises, as  those  prescribed  to  the  whole  of  said 
Commissioners,  by  this  act  of  incorporation 
named,  and  their  acts  as  such  shall  be  legal. 


8  CH  '      i n  v 

SEC.  12.  The  stock,  property  and  con- 
cerns of  said  incorporation,  shall  be  managed 
and  conducted  by  nine  Directors,  who  shall 

Amended. 

8ei86?°f  n°ld  their  offices  for  one  year,  and  until 
Sec.  i.  others  shall  be  chosen,  and  no  longer,  and 
shall,  at  the  time  of  their  election,  be  citizens 
of  this  State,  and  holders,  respectively,  of  not 
less  than  ten  shares  of  the  capital  stock  of 
said  Company. 

SEC.  13.  The  first  election  of  Directors 
under  this  act  shall  be  held  at  such  time  and 
place  in  the  town  of  Chicago  as  shall  be 
directed  by  the  said  Commissioners,  or  a  ma- 
jority of  them,  who,  or  a  majority  thereof,  are 
hereby  appointed  inspectors  of  said  election  ; 
and  the  persons  thus  selected  as  Directors 
shall  hold  their  offices  until  the  first  Monday 
in  May,  in  the  year  one  thousand  eight  hun- 
dred and  thirty-seven,  and  until  others  are 
elected  in  their  stead. 

.  14.  The  Directors  for  every  subse- 
quent year  shall  be  elected  on  the  first  Mon- 
day of  May,  in  each  year,  at  such  time  of  the 


MARINE   COMPANY   OF  CHICAGO. 


day,  and  at  such   place   within  the   the  town 
of  Chicago,  and  under  the  direction  of  such 

-      .        -„ .  r         ,         See  Act  of 

persons  as  a  majority  of  the  Directors  lor  the       i849. 
time  being  shall  appoint  by   a   resolution,  to 
be  entered  on  their  minutes. 

SEC.   15.     All  elections  shall  be  by  ballot, 
allowing  one  vote  to  each  share  of  the  capital 
stock,  and  the  nine    persons  who   shall  have 
the  greatest  number   of  votes  shall  be  Direc- 
tors ;  and  if  at  any  election  two  or  more  per- 
sons shall  have  an  equal  number  of  votes,  so 
as  to  leave  their  election  undecided,  then  the 
Directors  who   have  been  duly  elected,  shall 
proceed  by  ballot,  and  by  a  plurality  determine 
which   of   said  persons,   so  having  an  equal 
number  of  votes,  shall   be  Director  or  Direc- 
tors, so  as   to   complete   the  whole   number; 
and  whenever  any  vacancy  shall  happen  for 
the  office  of  President,  or   Vice-President,  or 
Directors,  from    death    or  other   cause,  such 
vacancy  shall   be  filled,  for  the   remainder  of 
the  year  in  which  it   shall  happen,  by  the  Di- 
rectors, for  the  time  being,  or  a  majority  of 
them ;  the   said    Commissioners   shall   certify 


10  CHARTER   Ol      I  M I 

under  their  hands  and  seals,  the  persons 
elected,  and  deliver  such  certificate  to  the 
persons  selec  Led,  or  to  some  one  of  them  ; 
and  if,  through  any  unavoidable  accident, 
Kieciu>n°of  said  Directors  should  not  be  chosen  on  the 
first  Monday  as  aforesaid,  it  shall  be  lawful  to 
choose  them  on  any  other  day  in  the  manner 
herein  provided. 

i  f>.  The  I  hrectors,  when  chosen,  shall 
meet  as  soon  as  may  be  after  every  election, 
and  shall  choose  out  of  their  number  a  i 
dent,  who  shall  be  sworn  or  affirmed  faithfully 
to  discharge  the  duties  of  the  office,  and  shall 
preside  for  one  year,  and  until  another  person 
>hall  be  chosen  in  his  stead;  and  also  a  Vice- 
I 'resident  for  the  same  term  ;  they  shall  have 
power  to  appoint  a  Secretary  and  all  subor- 
dinate officers  of  said  corporation,  fix  their 

sation,  define  their  powers,  and  pre- 
scribe their  duties-- -\\  ho  shall  give  such  bond, 
and  in  such  penal  sums,  with  such  conditions, 
and  with  such  securities,  as  the  Directors 


MARINE  COMPANY  OF  CHICAGO.  II 


shall  prescribe,  and  hold  their  seveml  offices 
during  the  pleasure  of  a  majority  of  said 
Directors. 

SEC.  17.  The  President  and  Vice-Presi- 
dent, and  four  of  the  Directors,  shall  be  a 

Amended. 

Board  competent   to  the  transaction  of  busi-  Se^8^ttof 
ness,  and  all  questions  shall  be  decided  by  a 
majority  of  votes. 

SEC.  1 8.  The  President  and  Directors  of 
said  Company  shall,  previous  to  subscribing 
any  policy,  and  once  in  every  year  after,  pub- 
lish in  two  of  the  newspapers  printed  in  this  Repealed. 

See  Act  of 

State,    the    amount    of    their    capital    stock,     sicfs. 
against  what  risks    they   mean   to  insure,  and 
the  largest   sum   they    mean   to   take   on  any 
risk. 

SEC.  19.  The  Legislature  of  this  State 
shall  never  pass  any  law  retarding  or  obstruc- 
ting, or  in  any  wise  suspending  the  collection 
of  any  debt  or  debts  due  said  corporation. 

SEC.  20.  The  expenses  incurred  by  the 
commissioners  in  executing  any  duties  re- 
quired by  this  act,  shall  be  paid  out  of  the 


I  r  CHARTER   Ol      I 


monies  received  by  them  from  the  subscri- 
bers out  of  the  capital  stock,  and  may  be  re- 
tained by  them  for  such  purposes. 

SEC.  21.  It  shall  be  the  duty  of  th. 
rectors  of  said  Company,  at  such  times  as  the 
by-laws  thereof  prescribe,  to  make  dividends 
of  so  much  of  their  interest,  arising  from  the 
Dividends,  capital  stock,  and  the  profits  of  said  Com- 
pany, as  to  them  shall  appear  advisable, 
but  the  money  received  and  notes  taken  for 
premiums,  or  risks, which  shall  be  undetermined 
or  outstanding  at  the  time  of  making  such  divi- 
dends, shall  not  be  considered  as  a  part  of  the 
profits  of  said  Company.  And  in  case  of  any 
loss  or  losses,  whereby  the  capital  stock  of 
said  Company  shall  be  lessened,  before  all  the 
installments  are  paid,  each  proprietor's  or 
stockholder's  estate  shall  be  held  accountable 
for  the  installments  that  may  remain  unpaid  on 
his  share  or  shares,  at  the  lime  of  surh  loss  or 
losses  taking  place,  and  no  subsequent  dividend 
shall  be  made,  until  the  sum  arising  from  the 
profits  of  the  business  of  the  said  Company, 


MAR1NK  COMPANY   OF  CHICAGO.  13 

equal  to  such  diminution,  shall  have  been  ad- 
ded to  the  capital  stock  ;  and  once  in  every 
three  years,  and  oftener  if  required  by  a  ma- 
jority of  the  votes  of  the  stockholders,  the 
directors  shall  lay  before  the  stockholders,  at 
a  general  meeting,  an  exact  and  particular 
statement  of  the  profits,  if  any  there  be,  after 
deducting  losses  and  dividends. 

SEC.  22.  This  act  is  hereby  declared  to  be 
a  public  act,  and  shall  take  effect  from  and 

r         •  i       i      11     i        TI  11  Public  Act. 

aftex  its  passage,  and  shall  be  liberally  con- 
strued for  every  purpose  herein  contained. 

SEC.  23.  This  charter  shall  be  void  and  of 
no  effect,  unless  the  stock  shall  be  subscribed, 
and  the  Company  shall  commence  operations 
agreeably  to  the  provisions  thereof,  within  two 
years  after  the  passage  of  this  act. 

SEC.  24.     Nothing   in    this    act    contained 

.  ,  ....  Repealed; 

shall  confer  on  said  corporation  banking;  pow-        see 

Act  of  1861 

ers,  or  authorize  it  to  issue  notes  in  the  simili-     Sec' 8- 
tude  of  bank  notes,  to  be  used  as   a  circula- 
ting medium,  in  lieu  of  money. 


»5-  That  in  case  of  ;my  loss  or  losses 
taking  place,  which  shall  he  e<|iial  to  the 
amount  of  tin:  ca])ital  stock  of  said  Company, 
and  the  President  and  Directors,  after  know- 
ing of  such  loss  or  losses  having  taken  place, 
*hall  subscribe  to  any  policy  of  insurance, 
their  estates  jointly  and  severally  shall  be  ac- 
countable for  any  and  every  loss  which  shall 
take  place  under  policies  so  subscribed  :  and 
the  estates  of  stockholders  as  aforesaid  shall 
be  liable  for  any  losses  equal  to  the  amount 
of  said  capital  stock  subscribed,  and  not  a<  - 
tually  paid  in,  in  all  cases  of  losses  exceeding 
the  means  of  said  Company,  whether  they  con- 
sist of  stock  paid  in,  or  profits  not  divided. 
\pproved  Januarv  i.^th.  i 


\t    a    meeting    of  the    stockholders    of  the 
"  Chii  Marine   and    Fire    Insurance  Com- 

pany," held  at   the  office  of  J.   Young   Scam- 
inon.    '  eet,  in  the  City  of  Chi- 

.    on     Monday    (first    Monday)     the     jnd 


MARINE  COMPANY   OK  CHICAGO.  15 

day  of  April,  1849,  J.  Young  Scammon  was 
called  to  the  chair,  and  Edward  A.  Rucker, 
appointed  Secretary. 

A  certified  copy  of  an  act  passed  by  the 
Legislature  and  approved  by  the  Governor 
February  roth,  1849 — entitled  : 

"  An  act  to  amend  an  act  entitled  an  act 
to  incorporate  the  Chicago  Marine  and  Fire 
Insurance  Company  "  was  presented  and 
read — when  it  was  voted  :  That  the  said  act 
be  accepted  by- the  Company. 

The  said  act  is  as  follows  : 

SEC.  i.  Be  it  enacted  by  the  people  of  the 
State  of  Illinois,  represented  in  the  General 
.  Issembly,  That  an  election  of  directors  un- 
der and  by  authority  of  "  an  Act  to  incorpo- 
rate the  Chicago  Marine  and  Fire  Insurance 
Company,"  approved  January  13,  1836,  may 
be  held  on  the  first  Monday  of  April  next, 
anything  in  the  fourteenth  section  of  the  act 
herein  recited  to  the  contrary  notwithstand- 
ing. 


HARTER    Ol      Mil-. 


SEC.   2.     That  said  act  shall  continue  and 
be  in  force  until  the   year  of  our   Lord  1870. 

Approved   February  12,  1849. 


At  a  meeting  of  the  Directors  of  the  Chi- 
cago Marine  and  Fire  Insurance  Company, 
held  at  the  office  of  the  Company,  February 
21,  1862,  present — J.  Young  Scammon,  Presi- 
dent, Hugh  T.  Dickey,  Vire  President,  and 
Mark  Skinner,  Horatio  C..  Loomis,  Benjamin 
\V.  Raymond,  Ikickner  S.  Morris,  and  Frank- 
lin Scammon,  Directors,  on  motion  of  Judge 
Dickey,  unanimously  voted,  That  tru 
entitled  "  An  act  amendatory  of  the  act  to 
incorporate  the  Chicago  Marine  and  Fire  In- 
surance Company,"  approved  Feb.  21,  1861, 
be  accepted  by  the  Diiv.  tors  and  Company. 
The  said  act  is  as  follows  : 

An  act  amendatory  of  tl;  to  incor- 

porate the  Chicago  Marine  and  Fire  Insurance 


MARINE  COMPANY  OF  CHICAGO.  17 

SEC.   i.     Be  it  enacted  by  the  People  of  the 
State   of  Illinois,   represented  in   the   General 
Assembly,      That,    hereafter,    a    majority    of 
the  directors  of  the  Chicago  Marine  and  Fire 
Insurance  Company  shall  constitute  a  quorum    in  force 
to  do  business  ;  and  the  Board  of  Directors  of    "' l86l< 
said  Company  shall  hereafter  consist   of  such 
number  as    shall   be   determined   upon,  from 
time    to   time,    by  the    stockholders    of    said 
Company  present  at  any  annual  election. 

SEC.  2.  The  President,  Secretary  or  Treas- 
urer of  said  Company  shall,  when  re- 
quired by  any  person  making  a  deposit  in  the 

Savings 

Savings  Department  of  said  Company,  issue  ^epnatrt~ 
certificates  of  deposit  for  the  same  ;  and  all 
such  sums  of  money  as  shall  be  deposited  in 
the  savings  department  of  said  Company, 
shall  be  held  in  trust  for  said  depositors,  and 
shall  not  be  mingled  with  the  general  funds  of 
said  Company,  but  shall  be  kept,  used  and  in- 
vested by  said  Company,  as  a  distinct  fund, 
the  principal  thereof  belonging,  in  equity,  to 
such  depositors  respectively,  and  not  to  said 
Company,  so  that  in  no  event  shall  such  fund 


CHA]  PHI 


be  jeopardized  by   the  other    transaction^ 
business  of  said  Company  ;   but  said   Compa- 
ny shall  not,    under   any   pretense   whatever, 
issue  a  certificate  of  deposit   for  any  sum  not 
actually  deposited  in  said  Company. 

SEC.  3.  Besides  the  manner  pointed  out  in 
the  act  to  which  this  is  an  amendment,  for  the 
investing  or  loaning  the  funds  of  said  Com- 
pany, the  said  Company  may  loan  the  same, 
at  the  rate  of  interest  now  or  hereafter  allow- 
ed to  other  persons  or  corporations  in  this 
State,  upon  any  commercial  paper,  whether 
payable  in  this  State,  or  in  any  other  state, 
kingdom  or  country,  and  may  invest  the  same 

How   Funds 

irSned^r  m  or  ^oan  tne  same  upon  the  stock  of  any  in- 
corporated company,  or  deposit  any  portion 
thereof  with  any  corporation  or  individuals 
it  may  think  proper,  and  use  the  same  in  such 
manner  as  may  seem  most  for  the  interest  of 
•^aicl  Company  in  facilitating  exchanges,  and 
do  and  perform  all  such  acts  and  ihii- 
may  be  requisite  in  all  such  transactions,  and 
for  the  best  interests  of  said  Company.  Said 
Company  may  also  issue  letters  of  credit  and 
Circular  letters  to  travelers. 


MARINE  COMPANY  OF  CHICAGO.  19 

SEC.  4.  The  charter  of  said  Company 
shall  be  so  construed  as  to  authorize  said  Com- 
pany to  exercise  all  the  powers  of  a  Loan  and 

Loan  and 

Trust  Company,  or  such  as  are  usually   exer-  Trust  Com- 
pany. 

cised  by  such  Companies,  and  all  powers  con- 
ferred upon  any  other  Loan  or  Trust  Compa-    Annuities, 
ny  in  this  State,   and   to  grant,  purchase  and 

Insurance. 

sell  annuities,  and  to  do  all  kinds  of  insurance, 

and  to  reimburse  themselves  against  all  risks  By  whom 

business 

they  may  have  insured  against ;  and  all  losses  condu< 
sustained  by  said  Company  may  be  adjusted 
and  settled,  and  its  business  conducted  in 
such  manner  and  by  such  persons  as  the 
Board  of  Directors  may,  from  time  to  time, 
direct. 

SEC.  5.  The  Board  of  Directors  of  said 
Company  is  hereby  authorized  to  increase  the 
Capital  Stock  of  said  Company,  from  time  to 
time,  as  they  shall  see  fit,  and  to  issue  certifi- 

.      Capita! 

cates  of  stock  therefor  to  the  persons   or  cor-  bf^cre'ase 

to  any 

porations  to  whom  they  may  assign  the  same ;    amount, 
but  upon  all  such  increase  of  capital,  the  cash 
shall  be  paid  in,  in  full,  before  any  certificates 
of  stock  shall  be  issued  therefor  :     Provided 


>    1 1  A  K  I  I .  K 


that  nothing  in    this    section    contained   shall 
prevent  the  actual    profits    of  said    Company 
being  divided  in  stock,  in   case  the  Dir 
shall  vote  to  increase  the  capital. 

SEC.   6.      The  time  limited    for   the    expira- 
tion of  the  corporate  powers  of  said  Company, 
extendredrtoas  now  fixed  by  law,  is   hereby   extended  for 

A.  I).  1900 

thirty  years,  from  the  time  so  fixed  or  limited, 
and  said  corporation  shall  have  existence  and 
succession  so  long  as  may  be  necessary,  after 
the  expiration  of  its  charter,  to  wind  up  its 
affairs,  collect  its  debts,  and  divide  its 
and  for  such  purposes  only,  not  exceeding 
three  years. 

Si  i  .    7.      The  capital  stock  of  said  Compa- 
ny is  personal  property,  for  the  value  of  which, 

•pt  so  much  or  such  parts   thereof  as  is  or 

may  be  invested  in    other    stock    or    property 
Taxation* 

which   is    taxed,   said  Company,    and    not    its 

stockholders,  shall  be  taxed.  Said  capital 
stock  shall  be  divided  into  shares  of  fifty  dol- 
lars each,  and  shall  be  assignable  upon  the 
books  of  said  Company,  at  its  office,  in  Chi- 


.MAK1NK  COMI'  \NV    OF  CHICAGO.  21 

cago,  but  not  elsewhere  ;  but  no  assignment 
of  stock  shall  be  valid,  as  against  said  Com- 
pany,  without  the  consent  of  the  Directors 
thereof,  so  long  as  the  assignor  shall  be  in- 
debted or  liable  to  said  Company.  And  said 
Company  shall  have  a  lien  upon  the  stock  Lien  of 

Company. 

owned  by  or  standing  in  the  name  of  any 
person  or  corporation  indebted  or  liable  to 
said  Company,  to  the  extent  of  such  indebt- 
edness or  liability. 

SEC.  8.  Sections  eighteen  (18)  and  twen- 
ty-four (24)  of  the  act  to  which  this  is  amen- 
datory, are  hereby  repealed  ;  and  said  Com- 
pany is  hereby  authorized  to  change  its  name,  Chan  e  of 

Name. 

by  resolution,  to  be  adopted  by  said  Board  of 
Directors,  to  that  of  "  The  Marine  Company 
of  Chicago";  and  by  that  name  shall  be 
liable,  to  the  same  extent  and  in  the  same 
manner  to  all  persons  for  the  acts  and  lia- 
bilities of  said  Company  under  its  original 
name,  as  though  its  name  had  not  been 
changed. 


r  HAklF.R    «)l       1  UK 


of  Stock- 


SEC.   ')      All  power  and  authority  in   rela- 

tion to  interest  for  loans  made  by  this  Com- 

pany in  any  act  heretofore  passed   in  relation 

thereto,  inconsistent    with   the   provisions   of 

Rate  of    this  act  in  relation  to  the   rate  of  interi 

Interest. 

hereby   repealed,  so   far  as   relates   to   future 
contracts. 


SEC.   10.     The  stockholders  in   this  corpo- 
ration shall,  as  to  all  funds  deposited  as 
vings,  and  in  trust  with  said  corporation,  while 
Savings5  [Ondtney  are  stockholders,    be   individually   liable 

Trust  Funds 

to  the  extent  of  their  stock,  and  shall  so  con- 
tinue for  six  months  after  transfer  of  the  same. 
notwithstanding  such  transfer. 


SEC.  ii.  Mothing  in  this  act  contained,  or 
in  the  original  charter  of  the  said  Company, 
shall  authori/e  it  to  issue  notes,  in  the  simili- 
tude of  bank  notes,  to  be  issued  as  a  circula- 
ting medium,  in  lieu  of  money. 

Stc.  12.  This  act  shall  take  effect  and  be 
in  force  as  soon  as  the  same  shall  be  accepted 


MARINE  COMPANY  OF  CHICAGO.  23 

by  the  majority  of  the  Directors  of  said  Com- 
pany, at  any  meeting  of  said   Directors,  and 

not  before. 

* 

Approved  February   21,   1861. 


At  a  meeting  of  the  Board  of  Directors  of 
the  Chicago  Marine  and  Fire  Insurance  Com- 
pany, held  at  the  office  of  said  Company  in 
Chicago,  on  the  second  day  of  April,  1863, 
present — J.  Young  Scammon,  President, 
Hugh  T.  Dickey,  Vice  President,  Horatio 
G.  Loomis,  Mark  Skinner,  Benjamin  Carver, 
Franklin  Scammon,  Benjamin  W.  Raymond, 
John  M.  Underwood,  and  Buckner  S.  Morris, 
Directors,  the  following  Resolution  was  unani- 
mously adopted  : 

Resolved,  That  the  name  of  this  Compa- 
ny be,  and  is  hereby  changed  to  The  Marine 
Company  of  Chicago,  in  pursuance  of  the  au- 


M  \KIM.   <   n  Ml'.\N\     n|     i    HI' 

thority  conferred  upon  said  Company  l>y  the 
8th  Section  of  an  Act  amend;)  tory  of  the 
"  Act  to  incorporate  the  Chicago  Marine  and 
Fire  Insurance  Company."  Approved  Feb- 
ruary 21,  1 86 1. 


KFX 
If/3 

,5 


